"""He said the same thing 12 months ago and nearly all markets...

"""He said the same thing 12 months ago and nearly all markets are up at least 10% since."""

So you must believe its a bubble then? Because one thing you will never hear from his lips is that there is a bubble.

By the same token I don't think he could possibly be any more obvious on what the board is saying behind closed doors. You won't see anything more compelling than the stunning collapse in new blood entering the market (FHB).